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WHEN you buy a property it’s crucial to do whatever’s possible to safeguard the investment.

There are obvious considerations like getting the best mortgage deal and installing an alarm system, but it’s also important to look at the bigger picture safeguards too.

Here are three big ones to cover off.

Adequate home and contents insurance

No matter where you live, home and contents insurance is a must-have. In a nutshell,

insurance policies involve transferring risk from yourself to the insurer in the event of any damage, theft or accident.

You’ll need to pay an annual premium for the policy (and every policy and insurer will be different) so do plenty of research, consider your own needs and assets and find a comprehensive policy which best suits you.

Larger or more regular loan repayments

With interest rates at record lows, now is a great time to make extra payments against your loan. Rates can only really go up from here, so paying more now will help secure your property faster and reduce the amount of interest you pay.

It will also build a buffer against future rate hikes and build equity which you might be able to be redrawn later. If redrawing on your mortgage isn’t appealing, look at getting a mortgage offset account where your extra deposits are offset against the loan balance, reducing the interest charged on the loan.

Life insurance

The most important safeguard for your property is your ability to earn an income, so it makes sense to protect it.

Life insurance, total and permanent disability insurance, income protection insurance and trauma insurance are some of the different policies to consider. What’s covered depends on the particular policy you take out.

If you’re not able to work, these insurances can help cover everyday expenses, medical costs, and paying the mortgage if you can’t.

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